File photo
April Paradis is senior vice president for global human resources at Bank of America in Maine.
Updated: May 25, 2022
Bank of America raises minimum hourly wage to $22, aims for $25 by 2025
File Photo / Renee Cordes
Bank of America, whose retail branch at One City Center in Portland is shown here, employs close to 800 people in Maine.
Bank of America Corp., which employs close to 800 people in Maine, has raised its U.S. minimum hourly wage to $22 as a next step in the company’s plan for a base pay rate of $25 an hour by 2025.
With close to $2.8 billon in Maine deposits as of June 30, 2021, Bank of America is Maine's fifth-largest bank ranked by market share.
That puts it behind TD Bank, Bangor Savings Bank, Camden National Bank and KeyBank, in that order, as ranked in the 2022 Mainebiz Book of Lists using Federal Deposit Insurance Corp. data. Bank of America is headquartered in Charlotte, N.C.
In the last five years, Bank of America has raised the minimum hourly wage several times. The new $22 hourly rate, effective as of the end of June, will put the annual base salary for full-time employees at more than $45,000.
Competition for entry-level teller talent has been heating up in Maine, prompting institutions to get more strategic about recruiting and hiring.
“Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success,” said Sheri Bronstein, chief human resources officer at Bank of America.
“We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent.”
In Maine, Bank of America currently employs 790 people in and is seeking to fill 52 openings, according to a spokesperson.
'Competitive' market
April Paradis, senior vice president for global human resources at Bank of America in Maine, told Mainebiz that the job market is Maine is comparable to what the bank sees elsewhere in northern New England and beyond.
"There is opportunity across multiple industries and the market is competitive," she said. "At Bank of America, we remain focused on recruiting and retaining talent through a wide-variety of benefits and resources and by continuing to invest in the long-term careers and success of all employees throughout the full span of their tenure."
Asked whether the company has recently added any new employee benefits, Paradis pointed to emotional wellness as a priority.
"As part of our commitment to being a great place to work, we offer a wide variety of benefits and resources to support employees' (and their loved ones') emotional wellness," she added.
In addition to daily mindfulness sessions, mindfulness apps, webinars and training in existing benefits coverage, for example, the company recently doubled the availability of free in-person confidential counseling sessions from six to 12 sessions for U.S. employees.
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